Metropolitan sets IPO at Rp240-Rp300 - Insider Stories

Property developer PT Metropolitan Land Tbk (Metland) has set its 30% stake of initial public offering at Rp240-Rp300 per share.

Referring to the price range, Metropolitan is able to seize Rp568 billion proceed, said DBS Vickers Director Rudy Budiarjo after a public expose today. Metland is planning to sell 2.27 billion shares, representing 30% of its enlarged capital, during initial public offering (IPO) in May 13.
The IPO is consisting of 1.89 billion of new shares issuance and divestment of 378.97 million shares from Metland existing shareholder Netstar Holdings Limited, a British Virgin Island-based company, which currently owns 19.76% stake.
Metland has picked PT Mandiri Sekuritas and PT DBS Vickers Securities Indonesia as the IPO's lead underwriters.

Metland plans to spend Rp522 billion of capital expenditure, of which will be financed by a combination of the IPO proceed and internal generated cash.
The company will develop seven projects which require Rp750 billion of investment up to 2013. The projects are Metland Cibitung, Metro Grand Mall, M Gold Residences, Horison Bekasi-Extension, Horison Jakarta, @Hom Hotel, and Horison Seminyak Bali.

Revenue this year is expected to grow above Rp70% from Rp331.38 billion. The biggest revenue contributor is Metland Menteng and Metland Tambun.